UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Litigation Release 15512 / September 26, 1997
SECURITIES AND EXCHANGE COMMISSION V. SAGE TECHNOLOGY, INC., JAMIE
EDELKIND, AND WILLIAM R. THIELE, Civil Action No. 1:96-CV-361-HTW (N.D.
Ga.)
The Securities and Exchange Commission announced that on September 17,
1997, the Honorable Horace T. Ward, United States District Judge for the
Northern District of Georgia, entered an Order on Disgorgement and Civil
Penalties as to Jamie Edelkind ("Edelkind"). Disgorgement was set in the
amount of $23,852.64, representing the ill-gotten gains received by
Edelkind, and prejudgment interest thereon in the amount of $3,343.10.
Edelkind was further ordered to pay a civil penalty in the amount of
$23,852.64. Edelkind was ordered to pay the disgorgement and prejudgment
interest within thirty (30) days of the date of the order and to make
payments on the civil penalty with the first payment due within thirty (30)
days of the date of the order.
The Commission's complaint, filed on February 15, 1996, alleged that
Edelkind made material misrepresentations and omissions regarding the
financial condition of Sage Technology, Inc. ("Sage"), its ongoing default
on interest payments owed to purchasers of Sage notes, and the credentials
of Edelkind, the president, chief scientist and principal shareholder of
Sage. On March 11, 1996, an order of permanent injunction was entered
against Sage, Thiele and Edelkind enjoining them from future violations of
the securities laws. For further information, see LR-14818, LR-14834, LR-
14846 and LR-15370.
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